Monday, March 4, 2013

Bridgeport Investments Secures $45 Million in Equity Financing to Fund Industrial Acquisitions and Retail Development


  
Randy Bramel
 ORANGE COUNTY, CA (March 4, 2013) – Bridgeport Investments, an Orange County-based real estate investment banking and advisory firm, has successfully secured two equity financing commitments totaling $45 million on behalf of its clients.

Bridgeport secured $35 million in equity financing on behalf of CapRock Partners to fund several future acquisitions of industrial properties in California, and $10 million in equity financing on behalf of Peninsula Retail Partners to fund various retail development opportunities, according to Randy Bramel, Founding Principal of Bridgeport Investments.

“Equity commitments of this size and nature are not that common in the current Orange County market,” says Bramel. “It takes a strong real estate operator with a focused niche strategy to attract such capital.”

            According to Bramel, Bridgeport was able to identify and secure these new commitments in part due to the ongoing relationship the firm builds with its clients.

“Because our firm functions more like a venture capital partner with our clients, we are able to utilize our industry expertise not only to raise capital, but also to

“For that reason, we have a deeper understanding of our clients’ capabilities, goals and strategy, and are in a position to work with them to identify the ideal time to move forward in securing financing of this nature.”
  
 For a complete copy of the company’s news release, please contact:

Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940


NAI Realvest Professionals Take Home Four Major Awards at Annual NAIOP Best of the Best Awards Gala


Thomas Hankins
MAITLAND, FL --- NAI Realvest in Maitland scored four major awards in the recent Best of the Best Awards Gala by the Central Florida chapter of the National Association of Industrial and Office Properties (NAIOP), the leading organization for developers, owners and related professionals in commercial real estate.


Chris Butera
In the Land Broker of the Year category, NAI Realvest Principal Thomas Hankins was awarded Second Place for closing on two land transactions that totaled 72.35 acres valued at more than $6,600,000 million.

Kevin O'Connor
NAI Realvest Associate Chris Butera was awarded Third Place in the same category. Butera closed on five land transactions that totaled 184.21 acres valued at more than $2,429,500 million.

In the Retail Broker of the Year category, NAI Realvest Principals Kevin O’Connor and Matt Cichocki, were awarded Third Place for their transactions, which totaled 30,492 square feet of retail space valued at more than $16,524,211 million.

Matt Cichocki
NAI Realvest Managing Director Robin Webb said commercial real estate is rebounding across the region and NAI Realvest is playing a big role in the comeback.

Robin Webb
“The economic downturn has particularly affected the commercial real estate industry but many sectors are bouncing back strong. We expect to see big increases in the volume of transactions and dollar values through the remainder of this year and well into next year,” Webb said.

Contacts:

Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989 Rwebb@realvest.com  
Patrick Mahoney, President, NAI Realvest 407-875-9989 Pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com

Cuhaci & Peterson Complete Design Work on Two Restaurants at Atlanta International Airport



ORLANDO, FL --- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, recently completed design work on two restaurants at Atlanta International Airport. 

 Lonnie Peterson, chairman at Cuhaci & Peterson said the restaurants – Ruby Tuesday’s and Longhorn Steakhouse – are 3,000 square feet each.

 The developer of each restaurant is HMS Host. 

 Contacts:

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

Cuhaci & Peterson Completes Design of new Publix Supermarket at Lake Nona, FL store open now


ORLANDO, Fla. --- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park designed the new Publix supermarket in the Lake Nona Plaza off Narcoossee Road in Southeast Orlando.   The store recently opened for businesss.

 Lonnie Peterson, chairman of Cuhaci and Peterson, said the supermarket is 54,000 square feet, and there is another 23,000 square feet ready for build out that will eventually accommodate retail shops at the center. 

 Lake Nona Property Holding is the developer of the project.

Contacts:

Lonnie Peterson, Chairman Cuhaci & Peterson 407-661-9100; Lonne@c-p.com
Jed Downs, President Cuhaci & Peterson Architects, 407-661-9100;
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com   

$2.7 million multifamily sale in Tallahassee, FL Arranged by Marcus & Millichap


Hidden Villas, Tallahassee, FL
TALLAHASSEE, FL, March 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hidden Villas, a 96-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,700,000.

Michael P. Regan
Michael P. Regan and Francesco P. Carriera, both vice president investments in Marcus & Millichap’s Tampa office, represented the Virginia-based seller, a financial institution and the buyer, a private investor from Mississippi. 

Hidden Villas was built in 1972 and is located at 2131 North Meridian Road in Tallahassee, Florida.  The property is situated on approximately 8.85 acres of land and consists of 21 two-story residential buildings. 

Francesco P. Carriera
The unit mix features 37 two-bedroom/one-bath units, 43 two-bedroom/two-bath units and 16 three-bedroom/two-bath units.  Hidden Villas’ amenities include washer/dryer connections in select units, an on-site laundry facility and a pool.

“With the help of our national marketing campaign, we were able to generate 12 offers from buyers in nine cities representing five different states and one European country,” says Carriera.

 “Our exposure created a competitive bidding environment for the property which ensured our seller a probable closing at the highest possible price. The buyer was out of state and it was his first multifamily acquisition in Tallahassee.”
                                                        
 Press Contact:

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

9250 Doral Recapitalized, Undergoing Full Renovation



9250 Doral Building, Miami, FL
 MIAMI, FL – A multimillion dollar renovation is in the works at 9250 Doral as owner Delma Properties prepares to bring the former single tenant office building to the multi-tenant leasing market. 

With the largest single block of available office space in the Doral area, the 187,000 square-foot office building is being repositioned as a multi-tenant office building.

The 9250 Doral building, located at 9250 N.W. 36th Street, comprises 187,000 square feet of space with floor-to-ceiling views and reflective glass exterior. It is the largest block of space available in the Airport West-Doral office market.

Brian Gale
It presents an unprecedented opportunity for all size tenants to occupy space in one of the most exciting and rapidly growing areas of the Miami-Dade office market, said Brian Gale of Taylor & Mathis, the exclusive leasing agent.

 Just a year ago, 9250 Doral’s single tenant occupant, Amadeus North America, moved out and the building became 100% vacant.  But parent company, Delma Properties, in a demonstration of its commitment in the market and the asset, has recapitalized the asset and commenced its repositioning.

 “The collective efforts show our commitment in the asset and in the market,” said Todd Benson, Senior Vice President, Florida Region at Delma Properties.

 “We know the great, long-term value of 9250 Doral, which is why we’re willing to make the investment in this repositioning. Since its opening in the 1980s the building has always been occupied by a single tenant.  Getting the property back on the radar of brokers and tenants is imperative as we convert the building to multi-tenant use.”

For a complete copy of the company’s news release, please contact:

Todd Benson, Delma
(786)533-1620
  
Brian Gale, Taylor & Mathis
(305)476-8880

Trepp February CMBS Delinquency Report: US CMBS Delinquency Rate Falls to Lowest Level in a Year


  
NEW YORK, NY, MAR. 4, 2013 -- The Trepp CMBS Delinquency Rate dropped sharply once again, reaching its lowest level in a year. 

The delinquency rate for US commercial real estate loans in CMBS fell 15 basis points to 9.42% in February. Overall, the Trepp CMBS Delinquency Rate has fallen 92 basis points since hitting a peak of 10.34% at the end of July 2012.

There were $2.7 billion in newly delinquent loans in February, which put about 48 basis points of upward pressure on the delinquency rate.

This was slightly lower than January’s $2.8 billion in new delinquencies and is the third consecutive month this number has declined.

Loan resolutions dropped more noticeably, from $1.2 billion in January to just under a billion dollars in February.

The removal of these loans from the delinquent category accounted for 18 basis points of downward pressure on the delinquency rate. Finally, loans that cured put an additional 40 basis points of downward pressure on the rate.

For a complete copy of the company’s news release, please contact:

Eric R. Gerard
Senior Vice President
Great Ink Communications
27 Union Square West, Suite 205
New York, NY 10001
(212) 741-2977

Growing Multi Housing Advisors Makes Key New Hires



Watson H. Bryant
ATLANTA, GA (March 4, 2013) — Multi Housing Advisors (MHA) has made a series of important hires in its Atlanta; Birmingham, Ala.; and Charlotte, N.C., offices.

 For its expanded Charlotte office, the firm has hired Watson H. Bryant, Charles E. Broyles and Claudia M. Pascual.

  Bryant, formerly an associate vice president with Cassidy Turley in Atlanta, is an associate in the office. Broyles, previously with Lindsey Management, is an investment analyst, and Claudia Pascual, formerly a property manager with GMC Properties in metro Charlotte, is an operations associate.

Charles E. Broyles

Marc Robinson, co-founder and co-managing partner of MHA, recently moved from the firm’s Atlanta headquarters to Charlotte to run that office with Jordan McCarley, who established MHA’s presence in North Carolina in 2007.

 MHA also has hired Matt Wittekiend as the firm’s chief administrative officer. Wittekiend, who is based in the Atlanta office, was previously with Newmark Grubb Knight Frank for more than 17 years, where he served as a vice president and senior business operations manager.

Marc Robinson
 Andrew Gross, formerly with W.H. Gross Construction in Kingsland, Ga., has joined MHA’s Atlanta office as an investment analyst.

Brian Savage also has joined MHA’s Birmingham office as an associate. He was previously a businessdevelopment manager for Doster Construction Company.

Jordan McCarley
 The hires come during a period of great activity for MHA. The firm recently changed its name from Southeast Apartment Partners to reflect its growth, and the company intends to open additional offices in the South and hopes to make specific expansion announcements later this year.

Furthermore, early last year, MHA hired Brett Kingman, formerly with Colliers International, to be a director in its Atlanta office.

Joshua Goldfarb
  “After 10 years of operations and more than 400 sales totaling nearly $2 billion and more than 64,000 units, we are excited about our growth and the road ahead for our firm,” Robinson. 

“The new hires are critical components to the success and expansion we plan on achieving in the months and years ahead, and we continue to look for experienced brokers to join our growing organization and participate in our rapid growth.”

Brian Savage
 “The multifamily market has been attractive in recent years and is set for another period of very strong performance,” added Joshua Goldfarb, co-founder and co-managing partner of MHA. “The considerable talent and experience of these recent additions to our firm ensure that we will be able to take full advantage of whatever the markets may bring.”

In addition to its Atlanta and Charlotte locations, MHA, which has listings ranging from bank-owned assets to Class-A properties, has an office in Birmingham, Ala., and is aggressively doing deals throughout the Southeast.

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354


2 New Condo Towers With 450 Units Proposed For Greater Downtown Miami


  
One Thousand Museum Condos construction site
Downtwon Miami, FL
MIAMI, FL -- Developers are proposing a pair of new condo towers - the 63-story One Thousand Museum project and a 45-story condo tower within the previously planned Brickell CityCenter mixed-use complex - for Greater Downtown Miami at a time when South Florida real estate shows signs of recovering from a crash that began in 2007, according to a new report from CondoVultures.com.

With the newly proposed condo towers, at least 21 new condo towers with nearly 7,350 units have been announced for the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay east to Interstate 95 as March 1, 2013, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Brickell CityCenter condos rendering
Downtown Miami, FL
Overall in South Florida, developers are proposing more than 15,560 condo units for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties as of March 1, 2013, according to CraneSpotters.com.

"Greater Downtown Miami is emerging as the market of choice for nearly half of the preconstruction condo units currently proposed in coastal South Florida," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"The number of new residents and companies moving into - or expanding in - Greater Downtown Miami is creating an attractive climate for developers. Added to that, less than five percent of the boom-era developer condo inventory in Greater Downtown Miami remains unsold as of 2012 due in large part to cash investors from overseas.

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC
 225 Midtown Building
 225 NE 34th St., Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517.

Saturday, March 2, 2013

February Was Kind to Borrowers Seeking Debt


Jeanne Peck
Chicago, IL,  March 2, 2013 - The shortest month of the year closed with overall improved real estate capital market conditions -- at least for borrowers seeking debt.  Treasuries dropped about 15 basis points and mortgage spreads compressed, resulting in nearly 25 basis points lower rates.

 Renewed fierce competition among funding sources negates any clear differentiation between various types of lenders today.  
Banks, lifecompanies, Wall Street, agencies and private capital sources are all bidding within very tight underwriting ranges for higher-quality assets and creating new lending programs to fit almost every client preference. Floating rate loans enjoy historically low pricing and benchmark LIBOR and bank prime rates remain flat for more than a year. 


That said, any meaningful pricing discussions are within the realm of the fixed-rate debt.

Based upon term, current pricing ranges for multifamily, office, retail and industrial properties requiring fixed-rate debt and assuming typical leverage levels of much as 75% are as follows:

*  Five-year term: 2.75% to 3.5%, with banks prevailing in this term.Often times, such loans are structured using swap contracts.
*  Ten-year term: 3.75% to 4.5% with life companies and conduits leading the pack.  Select banks offer such terms to preferred customers.Agencies still lead the market for apartment deals.      

With so much competition on pricing at levels many funding sources find unprofitable, the capital markets are reevaluating risk spectrums.  In search of yield, more lenders find themselves targeting secondary markets, higher leverage and non-traditional property types.

For example, an un-flagged hotel in a secondary market will be priced at least 75 to 100 basis points than typical loans.   All in all, such risk premiums are far much more compressed than in any time since the Great Recession when pricing was double to triple of today's levels.  In fact, even high-risk, short-term "situational" debt yields are moving into the higher single-digit yield range in many cases.

The Real Estate Institute's Jeanne Peck notes, "With the economy skirting a
contraction in December 2012, improving economic conditions and limited new
supply [especially] in the non-multifamily property sectors, lenders feel
more comfortable with risk today.  Many are clearly willing to widen risk
tolerances to snag more yield."

Contact:

Jeanne Peck,
 Executive Director

$10.8 Million Retail Center Sale in Johnson City, NY Arranged by Marcus & Millichap


Johnson City Town Center, Broom County, NY
JOHNSON CITY, N.Y., March 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Johnson City Town Center, a 83,866-square foot retail property in Johnson City, a village in Broome County, N.Y. that is part of the Binghamton, N.Y.metropolitan statistical area.

The sales price of $10,800,000 equates to $129 per square foot.

Steven Stoehrer
Steven Stoehrer, a senior associate, and Preet Sabharwal, an associate, both in the firm’s Manhattan office, represented the seller, a New York-based development fund. The buyer is a Canadian equity fund.

            “Johnson City Town Center is a stable asset with long-term leases backed by a 100 percent national tenancy,” says Stoehrer. “The new owner has a value-add opportunity in the form of a 9,120-square foot approved pad site that was included in the sale.”

            “We generated 12 offers and achieved 100 percent of the listing price,” adds Sabharwal.

Preet Sabharwal
The property is located along a strong retail corridor at 420 Harry L Drive in Johnson City, one-half mile away from the Oakdale Mall, a major indoor shopping destination for the greater Binghamton area.

Johnson City Town Center is anchored by a 34,627-square foot Christmas Tree Shops that comprises 41 percent of the tenancy. Other tenants include Petco, Party City, Five Below and Lumber Liquidators.

 For a complete copy of the company’s news release, please contact:

J.D. Parker,
 Regional Manager
(212) 430-5100


775-Unit, Two-Property Multifamily Sale Arranged in Arizona by Steve Gebing and Cliff David of Marcus & Millichap


Little Cottonwoods Apartments
Tempe, AZ
PHOENIX, March 1, 2013 – Marcus & Millichap Real Estate Investment Services Inc. has arranged the sale of a two-property multifamily portfolio in the Phoenix metropolitan area. The terms of the sale were not disclosed.

Steve Gebing
The properties are:

· Country Brook, Chandler, Ariz., 396 units
· Little Cottonwoods, Tempe, Ariz., 379 units

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the properties on behalf of the seller, a publicly traded real estate investment trust.

Clifford David
The buyer is a company formed by Bascom Arizona Ventures LLC.

Located at 4909 West Joshua Blvd. in Chandler, Country Brook was developed in three phases: 1986, 1993 and 1996.

Ninety percent of apartments’ interiors have been upgraded with new kitchen and bath cabinetry, new countertops, new fixtures and flooring, a new Whirlpool appliance package and painted accent walls.

Little Cottonwoods is located at 1820 East Bell De Mar Drive in Tempe.
For a complete copy of the company's news release, please contact:

Public Relations
(925) 953-1716

Friday, March 1, 2013

Trepp February CMBS Loss Analysis: Liquidation Volume Drops, Loss Severity Steady



NEW YORK, NY -- Resolution volume dropped 16% in February on the basis of liquidated balance, according to Trepp’s February CMBS Loss Analysis released today. 

On the basis of loan count, February’s total was less than half of January’s level. February average loss severity ended up at 44.26%, 13 basis points lower than January’s 44.39%.

February liquidations came in at $965.4 million, relative to the 12-month moving average of $1.36 billion. 

The 73 loan liquidations resulted in $427.3 million in losses, translating to an average loss severity of 44.26%. 

This is above the 12-month moving average of 41.56%. Since January 2010, servicers have been liquidating at an average rate of $1.17 billion per month.

The workout pipeline handled larger loans on average in February, as the number of CMBS conduit loans liquidated was 73--significantly less than the 12-month average of 138. The average size of liquidated loans in February was $13.22 million, nearly twice January’s $7.31 million and above the 12-month average of $9.9 million.

 For a complete copy of the company’s news release, please contact:


Loews Hotels & Resorts and DRW Trading Group Hold Ceremonial Ground-breaking in Chicago for Loews Chicago Hotel


  
Loews Chicago Hotel rendering
 NEW YORK, NY (March 1, 2013) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today held a ceremonial groundbreaking in Chicago on the site where the company will open the Loews Chicago Hotel in 2015.

Jonathan M. Tisch, Chairman of Loews Hotels & Resorts and President and CEO of Loews Hotels & Resorts, Paul Whetsell were joined by Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group (DRW) and the Honorable Mayor of Chicago Rahm Emanuel at the ceremony.

Jonathan M. Tisch
 “Today marks a special day as we officially break ground on the Loews Chicago Hotel and become a member of this community,” said Tisch.  “This property, once completed, will be a wonderful addition to our portfolio and the Chicago skyline!”

 “Even with Chicago’s hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago,” said Mayor Rahm Emanuel. 

  “I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States.”

Chicago Mayor Rahm Emanuel
Currently being developed by DRW and designed by the architectural firm Solomon Cordwell Buenz, the Loews Chicago Hotel will feature 400 guestrooms, including 36 suites, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces, a spa/fitness center and an outdoor rooftop including a pool overlooking the city.  

The hotel will be part of a highly visible 52-story tower comprised of the Loews Chicago Hotel and 398 luxury residential apartments.

Donald R. Wilson Jr.
 “We are excited to partner with Loews in designing and delivering a hotel and residential product.  The apartment and hotel combination will be a benefit to one another; offering amenities to residents that set us apart from the current market,” said Donald R. Wilson, Jr.

The addition of the Chicago property is part of the company’s strategy to add substantially to its portfolio of hotels over the next five years.  Loews Hotels & Resorts continues to seek hotel additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.

 For a complete copy of the company’s news release, please contact:

Loews Hotels & Resorts                                      
Lark-Marie Anton / Sarah Murov                      
(212) 521-2779 / (212) 521-2495                   

Sunshine Sachs
Jaclyn Rutigliano           
(212) 691-2800          

 Like Loews Hotels & Resorts on Facebook: www.facebook.com/LoewsHotels
Follow Loews Hotels & Resorts on Twitter: www.twitter.com/loews_hotels
Watch Loews Hotels & Resorts on YouTube: www.youtube.com/LoewsHotels

Wyndham Hotel Group Reflags, Takes Over Management of Eight U.S. Hotels



Eric Danziger
PARSIPPANY, N.J. (March 1, 2013) – Effective today, Wyndham Hotel Group, the world’s largest hotel company with over 7,340 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), has rebranded eight hotels in major markets throughout the United States with the upscale Wyndham® Hotels and Resorts name and has taken on management of the properties.

 The reflagging and management services, provided by Wyndham Hotel Group’s management company, are a result of an agreement with FelCor Lodging Trust Incorporated (NYSE: FCH), the owner of the eight hotels.

Wyndham Boston Beacon Hill Hotel
 The properties, which will undergo extensive renovations, are located in Boston, Mass.; Charleston, S.C.; Houston, Texas; New Orleans, La.; Philadelphia, Pa.; Pittsburgh, Pa.; San Diego, Calif.; and Santa Monica, Calif. They will significantly add to the Wyndham® brand’s existing footprint of 76 hotels and over 18,500 rooms in the United States.

 “We are very proud to welcome these prime, center-city locations to our growing Wyndham Hotel Group family,” said Eric Danziger, Wyndham Hotel Group president and CEO. “An agreement like this with an esteemed partner like FelCor allows us to significantly expand both our managed hotel portfolio and the flagship Wyndham brand in top, strategic markets without considerable capital expenditures.

Wyndham Houston Medical Center Hotel
“We’re confident that the renovation, repositioning and management of these hotels will lead to increased revenues and successful, best-in-class lodging and service for guests – a win-win for all.”

The eight rebranded hotels, representing 2,523 rooms, will become:

• Wyndham Boston Beacon Hill
• The Mills House Wyndham Grand Hotel
• Wyndham Houston Medical Center
• Wyndham New Orleans French Quarter
• Wyndham Philadelphia Historic District
• Wyndham Pittsburgh University Center
• Wyndham San Diego Bayside
• Wyndham Santa Monica at The Pier

Wyndham Pittsburgh University Center Hotel
For a complete copy of the company’s news release, please contact:

Christine Da Silva
Vice President, Marketing Communications
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590